The IRS has announced initial guidance for computing the business interest expense deduction under Code Sec. 163(j) effective for tax years beginning after 2017, and aspects that will be covered in future regulations. The deduction is generally limited to the taxpayer’s business interest income plus 30 percent
Read more →Acting IRS Commissioner David Kautter told lawmakers on April 11 that implementing tax reform is one of the IRS’s highest priorities, but issuing guidance will likely take years. “Preliminary efforts to implement this new law are already underway,” Kautter said during a House Appropriations Financial Services Subcommittee
Read more →The House Ways and Means Committee, in an April 11 markup, approved a bipartisan package of nine bills to restructure the IRS for the first time in 20 years. The IRS reform package was approved in committee by a voice vote and is reportedly expected to reach
Read more →The IRS has issued a fact sheet explaining the identity theft victim assistance process and procedures involved in resolving tax-related identity theft cases. The Form 14039, Identity Theft Affidavit, should be filed if the taxpayer attempts to file an electronic tax return and the IRS rejects it
Read more →President Trump has announced his intent to nominate Michael J. Desmond as IRS chief counsel and assistant general counsel at Treasury. Desmond, currently a tax attorney, has run his own law firm in California for the last six years. He has represented businesses and individuals in tax
Read more →Treasury Secretary Steven Mnuchin told House lawmakers in a March 6 hearing that the IRS needs additional funding to properly implement the Tax Cuts and Jobs Act (TCJA). Mnuchin’s testimony before the House Appropriations Financial Services Subcommittee centered on the Trump Administration’s fiscal year (FY) 2019 budget
Read more →Taxpayers who receive corrected 2017 Forms 1095-A, Health Insurance Marketplace Statement, may need to file an amended return, if they have already filed, the IRS has reported. The Service highlighted some corrections that may require an amended return. The Service also instructed taxpayers what to do if
Read more →President Trump on February 8 announced his nomination of Charles P. Rettig for IRS Commissioner. Rettig is currently a tax attorney in California. “During his 35+ year professional career with Hochman, Salkin, Rettig, Toscher & Perez, PC, Chuck Rettig has represented numerous taxpayers before every administrative level
Read more →President Trump on February 9 signed the Bipartisan Budget Act into law after a brief government shutdown occurred overnight. The House approved the legislation, which contains a continuing resolution to fund the government and federal agencies through March 23, in the early morning hours of February 9,
Read more →Lawmakers return to Capitol Hill this month to approve the IRS fiscal year (FY) 2018 budget. The IRS, like many federal agencies, is currently operating under a temporary spending bill. Last year, the House Appropriations Committee and the Senate Appropriations Committee proposed to fund the IRS at
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